Sean Zubick
@SeanZubick
Gold miners just flipped from capital destroyers to free-cash-flow machines — and the market is still underpricing it.
Large asset managers prioritize FCF per share in mining because earnings can be noisy. Strong, rising FCF funds dividends, buybacks, and growth without dilution — exactly what was missing in prior cycles.
Record cash generation + attractive yields vs a stretched broader market create one of the clearest fundamental setups for capital rotation into gold equities in years. The re-rating is still early.
The sector stopped burning cash and started printing it. Valuations haven’t fully caught up.
Another wonderful chart by
@TaviCosta
